Crypto News Dec 27, 2021

  1.  Dogecoin Foundation Says It’s Working With Ethereum’s Vitalik Buterin on a Staking Concept 

The foundation behind the Dogecoin blockchain protocol says Dogecoin has always been “community-driven” with “many individual and organisational contributors.” On December 23, the Dogecoin Foundation’s official Twitter account tweeted about the digital currency network’s “Trailmap,” a set of initiatives that essentially detail the proposed direction of the Dogecoin blockchain and ecosystem. “Dogecoin is a community-driven, consensus-based open-source project and its direction is formed by the many individuals and organisational contributors to the various projects of the Dogecoin blockchain [and] ecosystem,” the Dogecoin Foundation’s blog post notes.

A new project called OpenDAO launched Friday, bursting onto the scene with a token airdrop for dedicated NFT collectors.  The project allocated a 50% portion of its SOS token supply to users of OpenSea, the largest NFT marketplace. The distribution method is notable because of recent criticisms aimed at OpenSea and its hesitance to launch a token. As NFTs exploded in popularity in 2021, OpenSea cemented its place as the leading marketplace for digital collectibles. Now, interest in OpenDAO and its SOS token indicates that the community has an appetite for a decentralized project focused on NFTs. 

NFTs are currently on a wild trajectory that appears to be heading “to the moon,” as they often say. An NFT is a digital asset of some kind that is part of the Ethereum blockchain. When it comes to alternative investing options, NFTs are one of the most unusual choices out there. According to attorney Tal Lifshitz, a partner and co-chair of the cryptocurrency, digital asset, and blockchain group at Miami-based Kozyak Tropin & Throckmorton (KTT), it’s easy to see why big brands are spending big money on NFTs. “It’s trendy, it’s fun, and it’s cutting edge technology that actually has the potential to redefine the way these brands do business.”

Newly launched Rariup report discusses what RARI token/coin actually is and how digital artists can create and sell tokenized artworks on Rarible, a decentralized NFT marketplace and minting platform. The report has been made openly available and at no cost by Rariup. It’s available to the general public, thought leaders within the cryptocurrency market and anyone with an interest in RARI token. Muliadi Sia, the author of the report, believes with Rarible, artists can add all sorts of additional content to their artwork, such as hi-res files or hidden messages. 

To envision the future of crypto, I keep trying different analytical tools. This time around the concept of relevance is focality, by which I mean the part of the system at which consumers direct their attention. One scenario is that ordinary Americans will simply find crypto too confusing to deal with directly. Rather than choosing their favorite crypto assets, DeFi investments and NFT providers, they will outsource their decisions to well-known intermediaries. Significant parts of the crypto world would be relatively centralized. Those mainstream brokers would enjoy economies of scale, due to their reputations and ability to exploit network effects.

BitANT, a governance token rolled out by BitBTC DAO, is to be launched on Optimism Ethereum. BitANT is the first to introduce the theme of yield farming on Optimism. It ranks seventh on Optimism in terms of Total Value Locked, which is estimated to be around 2.8M. As the price of Bitcoin is too high and transfer takes time, the current design of BTC is not considered suitable for making micropayments, the BitBTC Protocol was developed by BitBTC DAO. To date, 10 billion BitANT have been minted at genesis, and the team does not own any tokens. All tokens are distributed to the community.  

When trying to examine the nonfungible token (NFT) economy as it has been shaping in recent months, two main trends can be discerned, A completely new market that allows various artists to join a new creator economy, the creators of Bored Ape Yacht Club, various types of pixel art creators and creative flickers such as the creator of long-necked women’s paintings, the sale of which brought the artist, only 12 years old, close to 1,394 Ether (ETH). Garry Kasparov, the former world chess champion, has decided to turn his legacy digital, and turn extensive chapters of his past into an NFT.

News of Binance’s withdrawal of its cryptocurrency exchange application from Singapore on Dec 13 sent a small ripple that dampened investor sentiment towards the emerging global cryptocurrency market. The decision came at a critical time, as Binance is set to announce its decision for a global headquarters soon. However, it’s too soon to conclude that Binance’s withdrawal is a setback. Closing its Singapore cryptocurrency trading platform does not mean the company is losing its business altogether in Singapore.

Public blockchain network Terra has confirmed an ongoing scam attack via an official governance poll on Mirror, an in-house synthetic assets protocol. The scammer proposes an upgrade of safer community governance rules in case of a hack. If the hacker manages to get a positive majority on the poll, 25 million MIR tokens will be sent to the hacker’s address. Mirror’s proactive approach to warn the community has seen a sizable increase in the number of ‘No’ votes — confirming the security of the funds.
  1.  The Metaverse Land Rush Is an Illusion 

It’s only been a couple months since Facebook’s rebrand, but it’s hard to overstate how much it’s already driven the conversation about “the metaverse. In most respects, these platforms resemble your average video game. You control a customizable 3D avatar with your mouse and keyboard (no VR or AR here) and navigate a virtual environment. More precisely, platforms like Decentraland or the Sandbox sell NFT-based tokens that point to sections of a map in their specific virtual worlds, but those spaces don’t cross over. As software engineer and crypto skeptic Stephen Diehl explained to WIRED, this sort of language can be more about building a story than describing a technical process.